Market Highlights

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September 12, 2022

• *MOSL on CAMS* Initiate BUY, TP Rs 3000 With 70% market share (v/s 64% in FY15), is leader in MF registrar & transfer agent industry With MF penetration in India at just 16% as against global avg of 63%, expect a strong 15% CAGR in AUM for industry in coming decade Account Aggregator biz has potential to revolutionize lending & financial planning, way UPI did for payments Expect RoE to touch 45% by FY25 Dividend payout is healthy at 65%
• *BoFA Sec on Infosys* Neutral, TP Rs 1535 Takeaways from management meetings Mini headwinds in demand remain confined to lending/ mortgage sub-segments of financial services & retail Continuing strong deal pipeline provides good visibility on Q2 & rest of FY23
• *CITI on Infosys* Buy, TP Rs 1725 Takeaways from Citi GEMS Conference Management remains confident on delivering FY23 revenue guidance of 14% to 16% despite macro challenges Margins will likely be at bottom end of guidance band of 21% to 23% in FY23
• *Antique on HAL* Initiate Buy, TP Rs 3140 Play on India's defense aerospace capex Robust rev visibility; strong order book, pipeline to ensure long term growth Exports emerging as new growth driver Stk at 19x its FY24 EPS is attractively valued
• *Nomura on Medplus Health* Initiate but, TP Rs 925 Play on expanding organised pharma retail 2nd-largest retail pharmacy chain in India; expanding aggressively Expect rev growth to accelerate, EBITDA margin to expand from current low base Forecast rev CAGR of 26.9% over FY22-25F